Angelo Gordon’s capital improvement and room renovation program will “return the Biltmore to its position as a market leader in the Providence market and offer visitors an exemplary guest experience,” Chang said in a statement.

Design and planning work is already underway.

Todd Finard, a principal of Finard Coventry, said the joint venture represents an investment not just in the project, but in the city itself.

“We are eager to restore this iconic hotel located in the heart of downtown Providence to its former glory complete with modern conveniences and amenities,” he said in a statement.

The restoration of all 294 guest rooms as well as the guest corridors will begin this winter and should be completed by spring 2014. Later in 2014, the lobby, junior ballroom and meeting rooms will be renovated, the partners said.

The hotel, located at 11 Dorrance St., will remain open during the renovation.

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